The budget balance (total or primary) is a flow result and it makes sense to adjust for one-off items (the "Programme Adjustors").

The stock, ie the amount of debt, was not affected from these Programme Adjustor or even it was marginally positively affected since for the largest item (Banking Support) Greece has already assumed the respective debt back in 2012 (Eur 50 bio of which Eur 39 utilized) while the ANFA and SMP transfers represent a real inflow which positively affected debt.

Please note that exluding those one-off items, total budget deficit including interest payments amounted to 3.2% of GDP, achieved during the 6th year of recession. I haven't seen a structural budget result calculation (ie adjusting for the business cycle) but I suspect Greece has the best in the Eurozone (definitely both a primary and maybe a total surplus).

The flow issue has been addressed. It's the stock that still needs to be addressed. We all know that.

10:10 am April 23, 2014

valentin wrote:

Are Greece banks strong enough to go on themself?
Or there will be another one-off expenditures in 2014?

EU device country specific methodology to hide country specific reality.

10:35 am April 23, 2014

kalamake wrote:

@valentin

A recent diagnostic test by BlackRock identified capital gaps of ca Eur 6 billion for the 4 banks, two of them have already filled them in via share offerings in the capital markets and the other two are currently in the process to do so wjth high chances of success.

Even if that were not enough, there is still EUR 11 bio available, an amount which makes part of public debt since 2012. So the stock will not be affected by any potential use of this amount.

4:05 am April 24, 2014

Tsaklas wrote:

Well, another scandalous cover up with the Signature of Greek Statistics Agency (Elstat) and Eurostat!

Basically the Greek Government, who had originally a budgeted a minor “loss” for 2013, after spending almost 2/5 of her Actual Income (almost 20 billions out of 50 billions of Income to the banks) on an extraordinary account (banks) managed to present a Surplus!! Also, for some mysterious reason, no one clarifies whether the figure is based on “Estimated Amounts” although e.g. many of the taxes payable are not expected to be collected. Talking about Greek Statistics! So expenses that are due from the Greek State (has ceased many payments are also Included?)

I attach a Eurobank Analysis that present the Goverement Budget for 2013 in English.
Marco Budget Variance Analysis for 1st Semester of 2013 – in English (page 7)
Total Budget (page 5)

P.S. Greek Banks Bailouts so far are more than 100billions Euros (while keeping some management)! I don’t get why the 2013 is extraordinary!!! Isnt it gonna keep happening to 2014 -2015 also? I don’t suppose they will actually collect the loans on property values 200-500% higher than current market values!!

This is greece talking.(me).what statistics?the same statistics that put Greece in the EE and the Euro?Oh yes!..of course we all believe what our government says ,and if they say we have money ,thats it!
Stop doubting them!...
then again,in my wallet there is not one penny,one bloody euro.so i m not so sure what is reality really like...
the Media of the systemic propaganda and the assosciates of the cronies present everything mellow...
we know people are dying,people are starving,people have no medicines,people have no pensions,no home,no country.....
but maybe i am living in a parallel greece on another earth.

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